Summarize this content to 2000 words in 6 paragraphs in Arabic Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Italy\u2019s financial capital Milan is shaping up to be the latest European art hotspot, as galleries join a wave of super wealthy individuals drawn there by an increasingly attractive tax regime.Entering the fray is the international gallery Thaddaeus Ropac, which represents artists such as Antony Gormley and Anselm Kiefer. It opens its seventh permanent gallery later this year \u2013 in Milan\u2019s neoclassical Palazzo Belgioioso. \u201cWe are so rooted in Europe and Italy was missing,\u201d Ropac says. The Salzburg-founded business also has spaces in London, Paris and Seoul. \u201cRome might be Italy\u2019s most beautiful city but it doesn\u2019t have the same energy,\u201d he adds.\u00a0Since Brexit, Milan has upped its appeal to the wealthy, and has even greater pull following the UK government\u2019s plans to scrap the \u201cnon-dom\u201d tax regime. Italy has a flat \u20ac100,000 annual tax charge on overseas income, recently doubled to \u20ac200,000 for new residents but still a tempting prospect for wealthy non-doms.\u00a0The city \u201chas completely changed in the past 10 years\u201d, says Elena Bonanno di Linguaglossa, a gallery veteran who will become executive director of Ropac\u2019s Milan outpost. \u201cIt has become very international.\u201d The forthcoming Winter Olympics, hosted by Milan and Cortina d\u2019Ampezzo in February 2026, is giving the city\u2019s infrastructure a boost, much as the Summer Olympics did for Paris.Bonanno di Linguaglossa notes that the ingredients for Milan to become \u201cthe art capital of the future\u201d have been in place for a while. \u201cItaly\u2019s wealth, its hard-working, big industrial families and their [art] collections, have been the engine of Milan for a long time.\u201d Milan\u2019s fashion credentials have proved dominant but its art, she says, is \u201cunder the skin\u201d of the city. She cites Leonardo da Vinci, in Milan from the 1480s, and fast-forwards to the early 20th-century artist Lucio Fontana \u2014 famous for his slashed canvases \u2014 who spent decades in the city.\u00a0\u00a0While privately run museums have led the contemporary art showings in recent years, a new public museum for modern and contemporary art \u2014 the Palazzo Citterio \u2014 opened as part of the new Grande Brera cultural complex last month, a project accelerated by Italy\u2019s hard-right, but seemingly stabilising, government.Meanwhile, other dealers are testing the Milan waters. Ben Brown Fine Arts plans a presence this year. The city has \u201can active buying community\u201d Brown says, for both contemporary art and for 20th-century Italian art giants such as Fontana and Alighiero Boetti. For these, \u201cpeople are buying, and selling, at all levels, from a \u20ac50,000 work on paper to a \u20ac2mn Mappa [by Boetti]\u201d, he says.Last April, Lehmann Maupin opened a pop-up space on the city\u2019s fashionable Via della Spiga shopping street, to coincide with the Venice Biennale, and Milan\u2019s Miart \u2014 Italy\u2019s largest art fair. Sales were made between \u20ac50,000 and \u20ac250,000 during the run, with plenty of Italian and overseas visitors.\u00a0But not all international galleries have stayed the course. In 2011, London\u2019s Lisson opened its first overseas outpost close to the Milan convent that houses Leonardo\u2019s \u201cThe Last Supper\u201d, but shut its doors in 2017. \u201cWe were too early, it would have made more sense to open now,\u201d says Lisson chief executive, Alex Logsdail. \u201cThe reason we closed was to focus our efforts on opening in New York. Milan was wonderful and artists loved the small space we had, but it was time to change where we put our energy,\u201d he adds.Milan boasts a few homegrown commercial galleries, including Massimo De Carlo and Gi\u00f3 Marconi, which are influential on the international scene. Miart has run since 1996. But Milan\u2019s art community is \u201cstill minuscule\u201d, compared to London or New York, Brown says: \u201cThere isn\u2019t much room. If 10 galleries open, eight will lose money, unless they keep their overheads low.\u201d Italy is \u201calso quite a bureaucratic country, so it isn\u2019t immediately enticing\u201d, he adds. One advantage, for now, Brown says, is that \u201cthere is much less competition than in Paris.\u201dRopac seems confident to take the plunge. The timing makes sense \u2014 2025 marks the centenary of the birth of Robert Rauschenberg, an artist whose estate Ropac represents and who gets a dedicated showing at Milan\u2019s Museo del Novecento in the spring. For living artists too, the prospects are exciting, Ropac says, adding that his team is scoping out possible studio spaces for some of them. Does he expect other international galleries to follow his lead? \u201cSome of the most active collectors are in the area and now there are the added implications of more international people settling there. We are very optimistic.\u201dFind out about our latest stories first \u2014 follow FT Weekend on Instagram and X, and sign up to receive the FT Weekend newsletter every Saturday morning<\/p>\n","protected":false},"excerpt":{"rendered":"
Summarize this content to 2000 words in 6 paragraphs in Arabic Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Italy\u2019s financial capital Milan is shaping up to be the latest European art hotspot, as galleries join a wave of super wealthy individuals drawn there by<\/p>\n","protected":false},"author":1,"featured_media":158944,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[65],"tags":[],"class_list":{"0":"post-158943","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-culture"},"_links":{"self":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/158943","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/comments?post=158943"}],"version-history":[{"count":1,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/158943\/revisions"}],"predecessor-version":[{"id":158945,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/158943\/revisions\/158945"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media\/158944"}],"wp:attachment":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media?parent=158943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/categories?post=158943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/tags?post=158943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}